Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs?
October 05 2021 - 08:00AM
NEWSBTC
The crypto market has started on another recovery trend. This time,
the price of bitcoin has crossed $50,000 after a slow month in
September that had the entire market in a chokehold. Crashes rocked
the space and cryptocurrencies succumb to the massive value loss
that put the market in the red for most of the month. NewsBTC had
reported that September historically saw declining prices and this
year was no different. In short, September is “bad vibes”. The
month drew to a close with the weekend and trading volume had begun
to pick back up. Low volatility usually experienced during weekends
has helped give digital assets the needed push and this past
weekend was no different. Prices had recovered some with the start
of the new week. And after Monday’s trading day drew to a close,
the early hours of Tuesday ushered in better prospects for the
crypto market. Related Reading | Billionaire Orlando Bravo
Reveals He Owns Bitcoin And Why He’s ‘Very Bullish’ Bitcoin had
steadily climbed up from the low of $43K which it had started the
month with and over the course of five days has added $7K to its
value to help it break $50,000 once more. This spells good news for
the market as bullish sentiments have returned with this new break.
Exchange balances remain low which shows that investors are
continuing to hold on to their coins. And despite mounting selling
pressure through these past weeks, hold sentiment has dominated
throughout the bitcoin community. Bitcoin Getting Back On Track
Bitcoin had maintained an upward momentum which put it on track to
a new all-time high before the September crashes reversed that
trend. But nevertheless, the month spent with low momentum gave the
asset a much-needed cool-off time before its next bounce towards a
new all-time high. After hitting the $50,000 price point, bulls
look towards taking the asset above $52K for a setup towards $60K.
BTC price crosses $50K | Source: BTCUSD on TradingView.com The
recovery above $50K is bringing traders back into the market as the
Fear & Greed Index once again goes into greed. Moving up 29
points on the index to take the market out of extreme fear from the
close of last month. This turn in market sentiment will result in
mounting buy pressure on investors, pushing them to throw more
money into the market in order to not miss the next rally. Related
Reading | Why The Bitcoin At $100K Discourse Remains Strong
Despite Market Crashes This will inadvertently lead to an increase
in the value of the asset, and by extension, the entire crypto
market stands to gain from this buying pressure given that the
market generally follows the price of bitcoin. Bitcoin is currently
trading at a little less than $50K at the time of this writing,
owing to significant resistance from the $50K point it had hit not
too long ago. The asset is up 4.67% in the last 24 hours and the
market cap sits at $939 billion. Featured image from CryptoPotato,
charts from TradingView.com
TRON (COIN:TRXUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024